North Cyprus Apartments Secrets
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by: WilliamMarind
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As stated previously, non Cypriots must obtain permission from the council of Ministers before purchasing property. For individuals, this will be granted, as a rule, bone fide cases where individuals wish to acquire flat, a house or piece of land for the erection of a house intended for residency, or regular use as a holiday home. Individuals cannot obtain permission for more than one property. In the case of acquiring land with a view to building, the area allowed will usually be approximately two thirds of one acre.
Permission will be granted to company for the acquisition of property, provided that it is for its own use. Offshore companies could therefore, acquire property within the above limits.Generally the permission will not be granted if the property is to be used for letting to others, commercial exploitation or speculation.
The relatively low cost of living in Cyprus is definitely one of the advantages that appeals to the potential buyer. The island offers a full but comparatively inexpensive lifestyle. In fact, recent statistics pointed to Cyprus as being one of the most inexpensive countries in Europe. The local markets flaunt a wealth of colourful fresh fruit and vegetables, meat and fish locally grown and produced whilst the modern supermarkets are fully stocked with a large range of local and imported goods.
Non-Cypriot individuals residing in Cyprus pay income tax at a flat rate of just 5%. This applies to the amounts remitted to Cyprus from pensions or income from overseas investments. The first CY2,000 per annum are tax exempt. Personal effects, household goods and furniture may be imported duty free by immigrant retirees, provided that they are for personal use and have been in use for some time (approximately one year). There is no duty on one car and retired couples benefit from the additional concession of two duty free cars.
To date, double tax haven treaties exist between Cyprus and the following countries: Austria, Belarus, Bulgaria, Canada, China, Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Malta, Norway, Poland, Romania, Russia, Slovakia, Sweden, Syria, United Kingdom, South Africa, United States and Yugoslavia.
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